农产品日报（2025 年11 月12日）-20251112

Report Industry Investment Ratings - Corn: Upward [1] - Soybean Meal: Sideways [1] - Oils and Fats: Sideways [1] - Eggs: Sideways [1] - Pigs: Sideways [2] Core Views - Corn prices are rising due to port price increases and policy expectations, but there is a game between production areas and ports, and downstream feed enterprises are cautious [1] - Soybean meal is in a sideways trend, with the market waiting for the USDA supply - demand report, and domestic supply is sufficient [1] - Oils and fats are in a sideways trend, affected by weather, export data, and macro - sentiment, with high but decreasing inventory pressure [1] - Eggs are in a sideways trend, with short - term wide - range fluctuations expected, and future production capacity changes should be monitored [1] - Pig prices show a pattern of near - term weakness and long - term strength, with short - term fluctuations and long - term expectations affected by production capacity reduction policies [2] Summary by Directory Research Views - Corn: On Tuesday, corn futures and spot prices rose in tandem. The main 2601 contract increased in price with reduced positions. North port prices are strong, but there is selling pressure in production areas. Downstream feed enterprises are cautious. Technically, the contract has a technical upward breakthrough, and short - term long positions are recommended [1] - Soybean Meal: On Tuesday, CBOT soybeans fell. Analysts predict US soybean production, yield, and inventory for 2025/26. The domestic market is in a sideways - up trend, with sufficient supply. The strategy is futures long positions + selling out - of - the - money call options [1] - Oils and Fats: On Tuesday, BMD palm oil rose, but its increase was limited by weather concerns and weak export data. Domestic oils and fats are in a sideways trend, supported by macro - sentiment. Inventory pressure is decreasing, and short - term long positions are recommended [1] - Eggs: On Tuesday, the main 2512 contract of eggs continued a slight correction. Spot prices are mostly stable. Future production capacity is expected to decline slowly, and short - term wide - range fluctuations are expected. Pay attention to production capacity changes for trading strategies [1] - Pigs: On Tuesday, near - term pig futures were weak, and long - term futures were strong. Spot prices rebounded. The 2609 contract is expected to be in a sideways - up trend due to the planned reduction of November pig slaughter [2] Market Information - Indonesia's biodiesel consumption using palm - oil - based FAME has reached 12.25 million kiloliters as of November 10, and the government has allocated 15.6 million kiloliters for 2025 [2] - On November 11, the "Agricultural Product Wholesale Price 200 Index" decreased slightly, and the "Vegetable Basket" product wholesale price index increased slightly. The national average wholesale price of pork decreased by 0.1% [3] - The US Senate passed a temporary appropriation bill, ending the government shutdown, and it will be voted on in the House of Representatives [3] - Analysts predict that the US 2025/26 soybean production will be 4.266 billion bushels [1][3] Variety Spreads - The report presents various contract spreads and basis charts for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific analysis of these spreads is provided [4][5][6][9][11][13][14][17][18][23] Research Team Members - Wang Na is the director of the agricultural product research at Everbright Futures Research Institute, with many honors and media exposure [27] - Hou Xueling is a soybean analyst at Everbright Futures, with rich experience and many awards [27] - Kong Hailan is a researcher on eggs and pigs at Everbright Futures, with team honors and media interviews [27]